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Smart Shopper Purchasing at the End of Your Lease
716 messages, Last post on Nov 30, 2009 at 8:03 AM
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I have a 04 ES 330 that only has three payments left on the lease  $370/ mo. It only has 38,000 miles and the interior is very clean. However, there are some exterior cosmetic problems that would take around $2,000 to repair at a independent body shop. Right now, the payoff from Wells Fargo is $15,900. I need to determine which of the following would be the most cost-effective option: 1) Trade-in the car as-is, now. 2) Spend $2,000 to repair, then trade-in for a new car ASAP. 3) Keep the car for 3 more months, then return the car as-is, pay "excessive wear&tear fees" (would this be a lot more than what an average body shop charges?) 4) Repair the car, then return in 3 months. I also want to know what you experts think would be the "real-world trade-in value" for this car before and after the repairs. One last thing, does Wells Fargo negotiate the buyout amount at lease-end? Thank you...
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Replying to: jbaek74 (Dec 30, 2008 1:11 pm) So, it's either buy it out or return it. Wells will negotiate the buyout. If you do plan on returning the car, you are better off repairing it first. Wells can charge whatever they want to repair the damage and you really don't have any recourse at that point.
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Replying to: volvomax (Dec 31, 2008 7:12 am) So, if I were to negotiate a buyout: What would be a good starting point? and a fair final price to pay? Would it be better to start negotiating now rather than later towards lease-end? Any other tips on negotiating a buyout? Thanks!
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Replying to: jbaek74 (Dec 31, 2008 12:26 pm) Plus, the car will continue to depreciate and the auction values will reflect that. As for a price, I'd shoot for a little over the auction prices. Maybe a grand more.
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Replying to: volvomax (Dec 31, 2008 3:29 pm) Happy New Year~~ |
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Hi - I'm looking for quick advice on handling the lease termination on my 2005 V8 4 Runner LTD. The lease expires at the end of January 2009. I like the car and have taken care of it. Here are the details: Location: Atlanta, GA Make: TOYOTA Model: 2005 4 Runner LTD (V8 and all options except Navigation System). Lease Company: US Bank Lease Terms: 48 Months / 15K Month ($0.18 Overage) Termination Fee: $395 (If not purchased) Residual: $20,500 Odometer: 62,000 (Estimated End of Lease Milage) Condition: Very Good - One 3 inch paint scratch to repair < $250.00 (US Bank Inspection has already been completed). All things being equal, I would like to purchase the car at the prevailing market rate halfway between auction and retail (I think $16K-$18K). Big SUVs are not in demand now, and the car is probably not worth $20,500 but I'm not sure about the best way to negotiate with US Bank. Any ideas or help would be greatly appreciated!
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Replying to: charlielab (Jan 05, 2009 10:42 am) I think that price range is reasonable. |
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I'm planning to buy my lease IS 250; I'm confused between residual value and payoff, what is the difference? My lease ends on 02/2009 and the payoff from LFS is $19818 the TMV are $16888 / $18347 / $19465 (already including the extra mileage). I'm planning to offer LFS a buy-out of around $18k, is that realistic (to high, to low)? |
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Replying to: masn (Jan 05, 2009 2:50 pm) FWIW, Toyota/Lexus financial will not negotiate the buyout. Even on those Tundras that are worth $5,000 less than the residual.
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Replying to: masn (Jan 05, 2009 2:50 pm) |
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